XML 26 R14.htm IDEA: XBRL DOCUMENT
v3.25.2

Stock Compensation Plans | 6 Months Ended
--- | ---
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock Compensation Plans |
5) | Stock Compensation Plans
The Company has equity incentive plans (the “2013 Plan”, the “2014 Director Plan” and the “2022 Plan”). Stock Options Stock based compensation expense for stock options issued of $310,430 and $183,184 has been recognized for these plans for the three month periods ended June 30, 2025 and 2024, respectively, and $609,703 and $382,182 has been recognized for these plans for the six month periods ended June 30, 2025 and 2024, respectively, and is included in personnel expenses on the condensed consolidated statements of earnings. As of June 30, 2025, the total unrecognized compensation expense related to the options issued was $562,707 which is expected to be recognized over the remaining vesting period. The fair value of each option granted is estimated on the date of grant using the Black Scholes Option Pricing Model. The Company estimates the expected life of the options using the simplified method. Future volatility is estimated based upon the weighted historical volatility of the Company’s Class A common stock over a period equal to the expected life of the options. The risk-free interest rate for the expected life of the options is based upon the Federal Reserve Board’s daily interest rates in effect at the time of the grant. The activity of the stock option plans during the six month period ended June 30, 2025, is summarized as follows: Schedule of Activity of Stock Option Plans
|  | Number of Class A Shares |  |  | Weighted Average Exercise Price (2) |  |  | Number of Class C Shares |  |  | Weighted Average Exercise Price (2) |
Outstanding at December 31, 2024 |  |  | 646,594 |  |  | $ | 5.63 |  |  |  | 1,724,400 |  |  | $ | 6.87 |
Adjustment for the effect of stock dividends |  |  | 27,898 |  |  |  |  |  |  |  | 80,571 |  |  |  |  |
Granted |  |  | 24,000 |  |  |  |  |  |  |  | - |  |  |  |  |
Exercised |  |  | (112,735 | ) |  |  |  |  |  |  | (113,023 | ) |  |  |  |
Cancelled |  |  | 76 |  |  |  |  |  |  |  | - |  |  |  |  |
Outstanding at June 30, 2025 |  |  | 585,833 |  |  | $ | 5.93 |  |  |  | 1,691,948 |  |  | $ | 7.13 |
As of June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options exercisable |  |  | 546,483 |  |  | $ | 5.48 |  |  |  | 1,526,948 |  |  | $ | 8.64 |
As of June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available options for future grant |  |  | 2,156,404 |  |  |  |  |  |  |  | 678,550 |  |  |  |  |
Weighted average contractual term of options outstanding at June 30, 2025 |  |  | 5.30 years |  |  |  |  |  |  |  | 6.39 years |  |  |  |  |
Weighted average contractual term of options exercisable at June 30, 2025 |  |  | 4.99 years |  |  |  |  |  |  |  | 6.11 years |  |  |  |  |
Aggregated intrinsic value of options outstanding at June 30, 2025 (1) |  | $ | 1,811,956 |  |  |  |  |  |  | $ | 3,200,152 |  |  |  |  |
Aggregated intrinsic value of options exercisable at June 30, 2025 (1) |  | $ | 1,933,277 |  |  |  |  |  |  | $ | 3,780,038 |  |  |  |  |
(1) | The Company used a stock price of $9.02 as of June 30, 2025 to derive intrinsic value.
(2) | Adjusted for the effect of annual stock dividends.
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements June 30, 2025 (Unaudited)
5) | Stock Compensation Plans (Continued)
The activity of the stock option plans during the six month period ended June 30, 2024, is summarized as follows:
|  | Number of Class A Shares |  |  | Weighted Average Exercise Price (2) |  |  | Number of Class C Shares |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2023 |  |  | 833,570 |  |  | $ | 5.22 |  |  |  | 1,520,062 |  |  | $ | 5.86 |
Adjustment for the effect of stock dividends |  |  | 38,724 |  |  |  |  |  |  |  | 76,005 |  |  |  |  |
Granted |  |  | 16,500 |  |  |  |  |  |  |  | - |  |  |  |  |
Exercised |  |  | (45,671 | ) |  |  |  |  |  |  | - |  |  |  |  |
Cancelled |  |  | (16,538 | ) |  |  |  |  |  |  | - |  |  |  |  |
Outstanding at June 30, 2024 |  |  | 826,585 |  |  | $ | 5.09 |  |  |  | 1,596,067 |  |  | $ | 5.57 |
As of June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options exercisable |  |  | 768,960 |  |  | $ | 4.89 |  |  |  | 1,443,567 |  |  | $ | 5.35 |
As of June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available options for future grant |  |  | 38,564 |  |  |  |  |  |  |  | 556,238 |  |  |  |  |
Weighted average contractual term of options outstanding at June 30, 2024 |  |  | 5.05 years |  |  |  |  |  |  |  | 6.00 years |  |  |  |  |
Weighted average contractual term of options exercisable at June 30, 2024 |  |  | 4.72 years |  |  |  |  |  |  |  | 5.75 years |  |  |  |  |
Aggregated intrinsic value of options outstanding at June 30, 2024 (1) |  | $ | 2,083,992 |  |  |  |  |  |  | $ | 3,255,564 |  |  |  |  |
Aggregated intrinsic value of options exercisable at June 30, 2024 (1) |  | $ | 2,089,110 |  |  |  |  |  |  | $ | 3,264,864 |  |  |  |  |
(1) | The Company used a stock price of $7.61 as of June 30, 2024 to derive intrinsic value.
(2) | Adjusted for the effect of annual stock dividends.
The total intrinsic value (which is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date) of stock options exercised during the six month periods ended June 30, 2025 and 2024 was $1,357,776 and $142,210, respectively. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements June 30, 2025 (Unaudited)
5) | Stock Compensation Plans (Continued)
Restricted Stock Units (“RSUs”) Stock based compensation expense for RSUs issued of $9,949 and $882 has been recognized under these plans for the three month periods ended June 30, 2025 and 2024, respectively, and $19,936 and $1,771 has been recognized under these plans for the six month periods ended June 30, 2025 and 2024, and is included in personnel expenses on the condensed consolidated statements of earnings. The fair value of each RSU granted is determined by the Company’s stock price on the date of the grant. As of June 30, 2025, the total unrecognized compensation expense related to the RSUs issued was $17,362, which is expected to be recognized over the remaining vesting period. Activity of the RSUs during the six month period ended June 30, 2025, is summarized as follows: Schedule of Activity Restricted Stock Units
|  | Number of Class A Shares |  |  | Weighted Average Grant Date Fair Value |
Non-vested at December 31, 2024 |  |  | 12,813 |  |  | $ | 12.90 |
Granted |  |  | - |  |  |  |  |
Vested |  |  | (3,547 | ) |  |  |  |
Non-vested at June 30, 2025 |  |  | 9,266 |  |  | $ | 13.08 |
Available RSUs for future grant |  |  | 504,187 |  |  |  |  |
Activity of the RSUs during the six month period ended June 30, 2024, is summarized as follows:
|  | Number of Class A Shares |  |  | Weighted Average Grant Date Fair Value |
Non-vested at December 31, 2023 |  |  | 2,245 |  |  | $ | 7.72 |
Granted |  |  | - |  |  |  |  |
Vested |  |  | (865 | ) |  |  |  |
Non-vested at June 30, 2024 |  |  | 1,380 |  |  | $ | 7.99 |
Available RSUs for future grant |  |  | 16,540 |  |  |  |  |
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements June 30, 2025 (Unaudited)

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration